trive Masiyiwa is now the richest black man in Southern Africa, with a net worth surpassing $4.4 billion – dethroning Patrice Motsepe from the position, according to media reports.
Masiyiwa’s new title is thanks to the year-to-date price increase in the shares of his telecom company, Econet Wireless Zimbabwe, and his smart-tech company, Cassava Smartech. As of Wednesday, Masyiwa’s net worth had increased from $2.7 billion to $4.4 billion, Billionaires.Africa reported.
Forbes, who have another list, still has Masiyiwa behind Motsepe, but both men have seen their wealth rocket since the start of the year, with Motsepe having topped the list since 2008.
Masiyiwa, 61, recently announced his retirement as chairman and director of Econet Wireless Zimbabwe Limited and still retains his more than 50% stake in the company he listed on the Zimbabwe Stock Exchange in 1998.
In response to his announcement, Econet Wireless’ board of directors announced the appointment of Elizabeth Tanya Masiyiwa, one of Masiyiwa’s six children, to the board of the telecom company to propel the firm’s growth forward as a going concern.
According to the board of directors, Elizabeth’s appointment will bring a wealth of experience, as she has worked in various organisations, spearheading investment and funding programs and human capital development.